TAIPEI/BENGALURU ¨C Taiwan¡¯s Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, the Taiwanese firm said Monday, in a setback to Indian Prime Minister Narendra Modi¡¯s chipmaking plans for his country.
The world¡¯s largest contract electronics manufacturer signed a pact with Vedanta last year to set up semiconductor and display production plants in Modi¡¯s home state of Gujarat.
¡°Foxconn has determined it will not move forward on the joint venture with Vedanta,¡± a Foxconn statement said without elaborating on reasons.
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